Hanwha Group announced a $5 billion infrastructure investment for Hanwha Philly Shipyard, part of South Korea’s broader $150 billion commitment to supporting the U.S. shipbuilding industry.
Since acquiring Philly Shipyard last year for $100 million, Hanwha has focused on modernizing the facility into a digitally-enabled, high-efficiency shipyard featuring world-class automation and smart yard technology. The $5 billion plan includes the addition of two docks, three quays, and a potential new block assembly facility, aiming to increase the yard’s annual production from fewer than two vessels to up to 20. The shipyard will focus on LNG carriers, naval modules and blocks, and eventually naval vessels.
The $5 billion announcement followed summit talks between President Lee and U.S. President Donald Trump. The U.S. Hanwha Philly Shipyard is expected to play a key role in future collaboration between the two countries.
In his welcome address, Hanwha Vice Chairman Dong Kwan Kim expressed gratitude to the leaders of both countries and emphasized the importance of joint partnership in bolstering the shipbuilding industry.
Today’s christening ceremony is the embodiment of our two nations working side by side to reindustrialize for the sake of shared security and prosperity. We are creating good manufacturing jobs, building the world’s most advanced ships, and fostering a new skilled workforce right here in America. This is just the beginning. Hanwha is committed to being a partner in building the next chapter of American shipbuilding
Today’s christening ceremony is the embodiment of our two nations working side by side to reindustrialize for the sake of shared security and prosperity. We are creating good manufacturing jobs, building the world’s most advanced ships, and fostering a new skilled workforce right here in America. This is just the beginning. Hanwha is committed to being a partner in building the next chapter of American shipbuilding
… said Kim.
In parallel, Hanwha Shipping, the U.S. subsidiary of Hanwha’s maritime arm, placed orders for 10 medium-range oil and chemical tankers from Hanwha Philly Shipyard, with first delivery expected by early 2029.
The subsidiary also exercised its option for a second LNG carrier, marking the first U.S.-ordered, export-market-viable LNG carrier in nearly 50 years.
